1997•University of North Texas Digital Library (University of North Texas)Requires access
Private Mortgage Insurance: Cancellation Options
Bruce E. Foote
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Abstract
If home mortgage borrowers are unable to make downpayments of at least 20%, lenders generally require that the borrowers obtain some type of mortgage insurance. In response, the borrowers either obtain private mortgage insurance (PMI) from mortgage insurers or, when eligible, insurance from a federal government agency. In recent years, the majority of borrowers who need mortgage insurance have obtained PMI.